Earlier govt said it won't allow it to sell items such as textile products and office supplies.
Prime Minister Narendra Modi on Saturday hard sold his government's reforms spanning from manufacturing to taxation to labour, saying they have changed the world perception about the country from 'why India' to 'why not India' and went on to quote record foreign investment during the pandemic as a testimony to that. Speaking at industry association Assocham's Foundation Week event, Modi also said agriculture reforms brought by his government six months back have started benefiting farmers. The reforms in the last six years have influenced in changing the sentiment of the industry from 'why India' to 'why not India' in investing.
Cash-strapped telco Vodafone Idea's proposal for investment of up to Rs 15,000 crore through foreign direct investment (FDI) has been approved by the Union government, according to officials. A top-level group, comprising representatives from the ministries of home affairs, external affairs, finance and commerce and industry, took the decision. The nod, which is an enabling provision, would help the financially-stressed company raise funds to pay up some of its dues linked to adjusted gross revenue (AGR), reduce debts and use the money for operational expenses.
Commerce ministry monitoring remedial measures to promote exports in key markets.
The Department of Industrial Policy and Promotion (DIPP), the nodal department that handles intellectual property rights (IPR) related matters under the commerce ministry, is launching an ambitious Rs 300-crore (Rs 3 billion) project to sensitise all stakeholders, including law enforcement agencies, scientists, companies, ministries and the general public on IPR issues.
With a comprehensive SEZ Act in place, the Union Commerce and Industry minister Kamal Nath said his ministry would go ahead with the plans to develop SEZs across the country, despite oppositions from the finance ministry.
In a bid to curb harassment of taxpayers, Sitharaman said, a faceless e-assessment scheme was launched in October to eliminate interface between an assessing officer and a taxpayer.
In 2011-12, the bilateral trade between the two countries stood at $75.45 billion.
SEZ in Mundra, Gujarat denotified for three violations.
IT sector has lots of hope from the Union Budget 2014-15.
Since no communication has been received from the Goan govt. on the cancellation of SEZs, the issue remains unresolved.
The Election Commission (EC) has raised certain questions on the government's proposal to allow foreign direct investment (FDI) in the construction and maintenance segments of the railways.
The officials also said that the ministry of commerce and industry had recommended the Maharashtra government to take back the land acquisition notification that it had issued. The zone has been given in-principle approval by the BoA, as RIL is yet to acquire the requisite land.
The industry body has issued two advisories in an attempt to restore jewellers credibility in the wake of the Rs 12,000-crore PNB-Nirav Modi scam, and recent defaults by two domestic jewellers - Goodwin and Rasiklal.
Foreign direct investment inflows into India rose an annual 12.9 percent in July to $1.66 billion.
India has offered African countries --Botswana, Angola, South Africa and Namibia, incentives to strengthen their jewellery industry in return for direct procurement of rough diamonds from these countries.
The government is expected to take a decision tomorrow on the issue of allowing foreign airlines to buy up to 49 per cent stake in cash-starved Indian carriers.
The Department of Industrial Policy and Promotion in the Commerce Ministry proposes to scale back the Foreign Direct Investment ceiling for the tobacco industry from 100 to 74 per cent and insert a caveat that cigarettes manufactured in the new ventures or in upgraded facilities must be mainly for consumption outside India.Sources said the department, which is responsible for the policy on FDI, is finalising a cabinet note aimed at comprehensive review of the tobacco policy.
For the April-February period, exports were up 4.79 per cent to $282.7 billion, according to data released by the Ministry of Commerce and Industry on Tuesday.
India is keen to improve share of services in global trade.
Goa has scrapped 12 SEZs, including the seven, which were approved by the state government. But the government is struggling over denotification of three industrial enclaves, which has now rushed to the High Court against government's intention to scrap them.
Listing out the achievements of his government, he said the country has moved away from a culture of delaying work through 'atkana, latkana and bhatkana' (obstructing, delaying and misguiding).
Aiming to push India into the list of the top 10 agri export nations, the policy has been backed by the Prime Minister's Office
The long awaited-resumption of border trade between India and China through the Nathu La pass in Sikkim has been finally set for June 30.
Adani, Reliance Industries, DLF, Omaxe and Singapore-based Ascendas Group had plans to set up mega multi-product SEZs, with some of them having infrastructure like ports and air-cargo complexes.
Requirements on minimum size, contiguity and vacant stretches to be eased; MAT and DDT to stay
Decline 10 per cent, imports down five per cent, confirming sluggishness in domestic economy.
Critics have even suggested that India is doing this because it is not prepared to take on the requirements of TFA, with a relatively weak trade infrastructure.
Currently, India imposes 30-45 per cent duty on textile products from Pakistan.
Anand Sharma, who took charge of the nodal ministry for FDI on May 29, said there is no need for a relook at the policy amended in February by the Department of Industrial Policy and Promotion. While the policy does not allow overseas inflow into this sector, the changes in February were perceived to be opening the sector to FDI up to 49 per cent in an Indian firm that has a downstream subsidiary firm in retailing.
Lahore High Court Chief Justice Sheikh Azmat Saeed on Friday directed the Commerce Ministry and Film Censor Board to file their replies to the petition filed by film producer Kamran Ijaz.
Exports are slowing and economic growth in major markets for Indian goods has taken a hit.
Retailers are also demanding that home delivery across all forms of retail should be allowed to ensure a level playing field.
His vision drove ITC to pursue business models that today support over 6 million livelihoods, many amongst the weakest in society.
The government needs to make the right policies and further execute them properly if it wants to move towards this goal
The first of its kind, a gem bourse to cater to the needs of the gemstone industry of the Pink City where all the business could be transacted under one roof, would soon become a reality.
Sharma says efforts on to bring dissenting ministries on board eBiz platform.
With Tamil Nadu witnessing a sharp increase in the covid-19 cases, the government on Saturday announced clamping a two-week 'total lockdown' across the state to curb the spread of the pandemic.
The Oil Industry Safety Directorate, under the Petroleum Ministry, carries out safety audits of oil and gas installations, besides formulating and standardising procedures and guidelines for design, operation and maintenance.
